Vendors pull out AFTER exchange of contract

AMILLIONDOLLARS

Breach of Contract. I've found this interesting site that refers to UK Law

http://www.gillhams.com/articles/394.cfm

If you've got time to read the ins and outs!!

AMD

Doozergirl

Welshwoofs wrote: »

Ahh but this is a cash purchase so the surveyor is working on our behalf rather than the mortgage company. In that instance wouldn't they value it higher if it was worth more than offer, or still stick to that as a ceiling?

Well, no valuation is exact. He will have gone with a 'there or thereabouts' approach, if you say the price is x, he will think about whether he thinks it is worth x, not really whether it is worth more.

I don't think it tells you a great deal, tbh. It tells you that it isn't worth less than you're paying and that it's unlikely to be worth a great deal more unless someone else has seen something in it that you haven't. A house is worth what someone is prepared to pay for it, as long as the mortgage company agrees; if indeed they need one!

beccad

Welshwoofs wrote: »

Nope, no additional land - not even any possibility of 'garden grabbing'

I'm beginning to wonder if there's some odd Brookside scenario and they've got someone buried under the patio!

You would think that would expedite matters though :rotfl:

They're utterly unhinged - I sincerely hope they come to their senses, or someone reads them the riot act very soon!

clutton_2

it is very possible to get a valuation different to the purchase price - you simply employ a private surveyor and meet him on site and dont tell him what you are paying for the property - he then will have to do his homework, and he may or may not value at what you are paying

F_T_Buyer

Welshwoofs, do you know what equity they have in the house (or have any idea - based on what they paid for it and when)? Is there any possibility of them going bankrupt in the mean time?

Also, although you don't want to say the price of the house, what price region is it in? I have a mental picture that it's quite a pricey place (compared to the national average).

silvercar

Is there any possibility of them going bankrupt in the mean time?

If not, is there a chance they will go bankrupt when they discover how much they owe you in compensation?

Also, although you don't want to say the price of the house, what price region is it in? I have a mental picture that it's quite a pricey place (compared to the national average).

I agree. If the house was on an estate of identical houses, they would be under no illusions of the true value. The only way that they could conceivably think that their place could sell to someone else,enough to leave them with a profit after compensating OP is if it were an expensive home.

But then I am assuming that they have a brain and they choose to use it.

AMILLIONDOLLARS

I'd love to be a fly on the OP Solicitors office!!

"I'm not conversing any more, I want to be alone":D:D

Just wait until they get his bill:rotfl::rotfl:

AMD

Ian_W

silvercar wrote: »

But then I am assuming that they have a brain and they choose to use it.

Which, based on their actions to date, seems a fairly unsafe assumption!!

epsilondraconis

Wow - what a thread! I can't wait for the next installment. Welshwoofs, I have my fingers crossed that you'll soon receive good news.

Welshwoofs

F_T_Buyer wrote: »

Welshwoofs, do you know what equity they have in the house (or have any idea - based on what they paid for it and when)? Is there any possibility of them going bankrupt in the mean time?

Also, although you don't want to say the price of the house, what price region is it in? I have a mental picture that it's quite a pricey place (compared to the national average).

Well it was up for around the 310 last year, but since the market crashed we got it just under the 250 stamp duty threshold. It's a rural area which is fairly hard to price to be honest as properties are all so different.

Not sure on how much equity they have, but they bought before the top of the market and I'd think this isn't their first house